USDCAD Daily Analysis – February 2, 2018

USDCAD remains in the downtrend from 1.2590. As long as the price is below the bearish trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2150 area. Near term resistance is at 1.2333, a break above this level could bring price back to test the trend line resistance. Above the trend line will indicate that the downtrend had completed at 1.2247 already, then further rally to 1.2500 zone could be seen.